Financial Policy and Reputation for Product Quality
分析财务政策如何影响企业维持高质量产品声誉的激励，发现债务在某些情况下会降低企业提供高质量产品的可信度，从而降低企业价值；但对于清算价值高的资产，债务反而可能提升这种能力并增加企业价值。
The effect of financial policy on a firm's incentives to maintain its reputation for producing a high-quality product is analyzed. It is demonstrated that in certain situations debt will reduce a firm's ability to credibly offer high-quality products and, as a consequence, will reduce its value. However, for firms with assets that have high salvage values in liquidation, debt may increase their ability to credibly offer high-quality products and, therefore, increase their values.